Schumer digs in against debt limit talks with GOP ahead of default deadline
Senate Majority Leader Charles E. Schumer wouldn’t budge Monday from his stance that Democrats will not negotiate spending cuts with House Republicans in exchange for lifting the debt ceiling that’s set to be breached this summer.
The New York Democrat, speaking to reporters on Capitol Hill just hours after House Speaker Kevin McCarthy re-upped demands that both sides meet at the negotiating table, accused Republicans of “theater” and “hostage-taking” that’s threatening the economy.
“Speaker McCarthy continues to bumble our country towards a catastrophic default, which would cause the economy to crash, cause monumental job loss and drastically raise costs to the American people,” Mr. Schumer said. “I’ll be blunt: if Speaker McCarthy continues in this direction, we are headed to default.”
Mr. Schumer said the onus is on Mr. McCarthy to propose a detailed budget with desired cuts before meeting with him and President Biden at the White House to hash out a deal.
“If he comes there without a plan, what are we going to talk about, the furniture?” Mr. Schumer said. “The solution here is straightforward: Republicans should work with Democrats in good faith to avoid default together, just as we did under President Trump, just as what President Reagan talked about. No blackmail. No brinkmanship. No default.”
In a speech at the New York Stock Exchange earlier that day, Mr. McCarthy accused Mr. Biden of turning a blind eye to the fiscal reality of more than $32 trillion in national debt. He said House Republicans in the coming weeks will pass legislation to raise the debt limit for one year, roll back non-defense domestic spending to 2022 levels, cap annual budget growth at 1% over the next decade and impose new work requirements for social welfare programs.
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“Defaulting on our debt is not an option,” the California Republican said. “A no-strings-attached debt limit increase will not pass. But since the president continues to hide, House Republicans will take action.”
